Bitcoin ETFs Flooded with Red as Token's Price Stagnates

Bitcoin exchange-traded funds (ETFs) saw their largest outflows in six weeks as the token's price stagnated. The 13 US-listed funds recorded a net drain of $389.7 million last week, reversing the strong start to August.

This was after they pulled in $853.5 million the previous week, marking the largest weekly inflows since April. However, the renewed selling of ETFs comes as Bitcoin languishes around $63,000, down 50% from its record high reached in October last year.

Esme Pau, head of capital markets and policy at blockchain security firm CertiK, said that 'last week's ETF net outflows reflect the subdued mood in the Bitcoin market.' The risk of higher interest rates is keeping sentiment cautious while a lack of legislative progress on the proposed Clarity Act is also pushing buyers to the sidelines.